No Tax on Boat Loan Interest Act of 2026

This bill would change federal tax law so that interest paid on a loan for a new recreational motorboat could be deducted the same way interest on a loan for a new qualifying car or other passenger vehicle can be. The boat must be new to the taxpayer, be a recreational vessel and a motorboat as defined in federal law, and have its final assembly in the United States. Taxpayers claiming the deduction for a boat would have to list the boat's hull identification number on their tax return. The change would apply to loans taken out after December 31, 2024.

Full text and official record on Congress.gov

Sponsors

• Nancy Mace Republican sponsor
• 1 cosponsors